FMA drops Capital + Merchant action
In 2009, the Securities Commission laid criminal charges against five directors: Neal Nicholls, Owen Tallentire, Colin Ryan, Wayne Douglas and Robert Sutherland, under the Securities Act.
These charges related to untrue statements in offer documents distributed in 2006.
At the same time, civil proceedings were filed against four of the directors - Nicholls, Tallentire, Ryan, and Sutherland - seeking declarations of civil liability and civil pecuniary penalties. The civil proceedings were stayed pending the outcome of the criminal proceedings.
The FMA assumed responsibility for the criminal proceedings alongside the Crown Solicitor in 2011. In 2013, the five directors pleaded guilty to the criminal charges and received varying sentences of imprisonment, home detention, community work and some directors made reparation payments of between $60,000 and $100,000.
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